Brookfield Property Partners (NASDAQ: BPY) 1Q19 Results: Beats Consensus by a Penny, Completes Share and Unit Repurchases

Key Points

• Brookfield reported 1Q19 FFO per unit of $0.38, up 25.0% year over year and beating the consensus estimate by a penny. Net income was $0.32 per unit, compared to $0.69 in the year-ago quarter.
• Core retail exited the quarter at a 95.3% occupancy rate, down 10 bps year over year. NOI-weighted sales per square foot were $765, up 4% year over year and up 3% sequentially.
• During the quarter, the company completed $490 million of gross asset dispositions, at prices 3.6% higher than their International Financial Reporting Standards (IFRS) value.